Business, international

Commonwealth Bank of Australia sold

Article Abstract:

The sale of the government's remaining stake in Commonwealth Bank of Australia Bank of Australia (CBA) was oversubscribed and the partly paid structure proved successful despite criticism over its complexity. In south Australia, Forwood Products, a timber operation, has been taken over by Carter Hold Harvey of New Zealand, competing with other shortlisted contenders including CSR, Rayonier and Boral.

March sale of French CIC

Article Abstract:

The French finance ministry is seeking a buyer for CIC, a banking subsidiary of GAN insurance company. Potential purchasers must have a minimum shareholders' capital of French francs 10 billion. Purchasers must maintain links between CIC and GAN, respect the regional character of the bank and promote job creation.

Banks coming to market in Kenya

Article Abstract:

National Bank of Kenya (NBK) is planning to offer further shares to the public. Kenya Commercial Bank is also expected increase its share offering, whilst Cooperative Bank of Kenya is expected to announced a public share offering soon. The government has plans to sell shares in 40 companies during 1996.